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Solution: How much must be deposited at 6% each year beginning on January 1, year 1?

(Last Updated On: January 9, 2020)

How much must be deposited at 6% each year beginning on January 1, year 1?

Problem Statement: ME Board April 1998

How much must be deposited at 6% each year beginning on January 1, year 1, in order to accumulate P5,000 on the date of the last deposit, January 1, year 6?

  • A. P728.99
  • B. P742.09
  • C. P716.81
  • D. P702.00

Problem Answer:

The amount that must be deposited at 6% each year beginning on January 1, year 1 is P716.81.

Solution:

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Solution: How much must be deposited at 6% each year beginning on January 1, year 1?

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